Bitcoin: “forks” continue to position in the long term
This new report from analytics firm Glassnode shows that with the price of Bitcoin (BTC) falling, the market calmed down once more. The number of entities in the network historically follows price increases and the enthusiasm of new entrants, but now we are in a period of decline:
If there are fewer newcomers, those who remain logically tend to be people who keep their documents, called “holders.” There is also an increase from number of entities that currently have profitsthat is, they have BTC at a higher price than they bought it.
Currently, 79% of entities would make a profit if they decided to sell. This suggests that a good portion of investors would prefer to hold their coins and wait a possible rise in the price of Bitcoin.
👉 On the same topic: Since February, Bitcoin (BTC) miners have accumulated more than $ 600 million
A conviction that the price will continue to rise?
Glassnode also evokes a more psychological aspect of those who indulge in “HODL”:
“We measure the conviction of holders of existing coins, operating amid fairly historic volatility (and a lot of FUD). “
The latter now represent a more than substantial part of investors. 80% of Bitcoin On circulation it is Clong-term maintained, according to data from Glassnode. The report also points to the drop in the number of transactions, which peaked amid the bull run in early 2021.
Hence a conclusion of the analysis:
“Despite the relatively low blockchain activity, […] we attend a tendency to extreme accumulation and KEEP. It is quite unique to this market cycle and is a dynamic worth watching. “
👉 To read: Deutsche Bank believes that Bitcoin (BTC) could be “the gold of the 21st century”
Bitcoin price does not rise again
Multiple predictions promised a Bitcoin that would once again top $ 64,000 by the end of the year, or even approach $ 100,000. This is undoubtedly what partly motivates investors. But for now, the price of BTC tended rather to go downr, after its subsequent fall in early September.
While it still exceeded $ 50,000 on Sept. 7, it did not hold, lowering the $ 45,000 threshold around Sept. 20. Since then, the BTC evolves in a range between $ 39,500 and $ 45,000 :
Source: TradingView, BTC / USDT
Will the price of Bitcoin manage to regain its splendor after a rather gloomy September? Respond in the next few weeks …
👉 Find all the news of Bitcoin (BTC)
Receive a summary of the news about cryptocurrencies every Sunday 👌 And that’s it.